SEPZ vs. OCTZ
SEPZ (TrueShares Structured Outcome (September) ETF) and OCTZ (TrueShares Structured Outcome (October) ETF) are both exchange-traded funds - SEPZ is a Options Trading fund tracking the Cboe S&P 500 Buffer Protect Index September, while OCTZ is a Defined Outcome fund actively managed by TrueShares. SEPZ is passively managed, while OCTZ is actively managed. Over the past 5 years, SEPZ returned 11.30%/yr vs 10.79%/yr for OCTZ. With a 0.98 correlation, they move nearly in lockstep. SEPZ charges 0.80%/yr vs 0.79%/yr for OCTZ.
Performance
SEPZ vs. OCTZ - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with SEPZ having a 7.26% return and OCTZ slightly lower at 7.18%.
SEPZ
- 1D
- -0.40%
- 1M
- -0.02%
- YTD
- 7.26%
- 6M
- 7.09%
- 1Y
- 19.88%
- 3Y*
- 15.61%
- 5Y*
- 11.30%
- 10Y*
- —
OCTZ
- 1D
- -0.38%
- 1M
- -0.02%
- YTD
- 7.18%
- 6M
- 6.91%
- 1Y
- 19.51%
- 3Y*
- 15.55%
- 5Y*
- 10.79%
- 10Y*
- —
SEPZ vs. OCTZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SEPZ TrueShares Structured Outcome (September) ETF | 7.26% | 13.18% | 18.23% | 17.94% | -8.51% | 21.83% | 9.00% |
OCTZ TrueShares Structured Outcome (October) ETF | 7.18% | 12.89% | 18.89% | 18.18% | -10.23% | 20.49% | 8.44% |
Correlation
The correlation between SEPZ and OCTZ is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2020 | 0.98 |
The correlation between SEPZ and OCTZ has been stable across timeframes, ranging from 0.94 to 0.98 - a consistent structural relationship.
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Return for Risk
SEPZ vs. OCTZ — Risk / Return Rank
SEPZ
OCTZ
SEPZ vs. OCTZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (September) ETF (SEPZ) and TrueShares Structured Outcome (October) ETF (OCTZ). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| SEPZ | OCTZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.35 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.74 | 2.68 | +0.06 |
| Martin ratioReturn relative to average drawdown | 11.88 | 11.03 | +0.85 |
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Drawdowns
SEPZ vs. OCTZ - Drawdown Comparison
The maximum SEPZ drawdown since its inception was -15.22%, roughly equal to the maximum OCTZ drawdown of -15.82%. Use the drawdown chart below to compare losses from any high point for SEPZ and OCTZ.
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Drawdown Indicators
| SEPZ | OCTZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.22% | -15.82% | +0.60% |
Max Drawdown (1Y)Largest decline over 1 year | -7.30% | -7.31% | +0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -14.57% | -14.07% | -0.50% |
Max Drawdown (5Y)Largest decline over 5 years | -15.22% | -15.82% | +0.60% |
Current DrawdownCurrent decline from peak | -1.72% | -1.45% | -0.27% |
Average DrawdownAverage peak-to-trough decline | -2.83% | -3.15% | +0.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.68% | 1.77% | -0.09% |
Volatility
SEPZ vs. OCTZ - Volatility Comparison
TrueShares Structured Outcome (September) ETF (SEPZ) and TrueShares Structured Outcome (October) ETF (OCTZ) have volatilities of 3.92% and 3.82%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SEPZ | OCTZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.92% | 3.82% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 8.00% | 7.98% | +0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.48% | 9.94% | +0.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.38% | 12.48% | -0.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.49% | 12.41% | +0.08% |
SEPZ vs. OCTZ - Expense Ratio Comparison
SEPZ has a 0.80% expense ratio, which is higher than OCTZ's 0.79% expense ratio.
Dividends
SEPZ vs. OCTZ - Dividend Comparison
SEPZ's dividend yield for the trailing twelve months is around 2.05%, less than OCTZ's 3.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
OCTZ TrueShares Structured Outcome (October) ETF | 3.72% | 3.99% | 1.26% | 3.28% | 0.67% | 0.00% |
SEPZ TrueShares Structured Outcome (September) ETF | 2.05% | 2.20% | 3.62% | 3.55% | 0.69% | 0.05% |
Frequently Asked Questions
With a correlation of 0.94, SEPZ and OCTZ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
SEPZ has higher volatility (3.92%) compared to OCTZ (3.82%). In terms of maximum drawdown, SEPZ dropped -15.22% vs OCTZ's -15.82%.
On 5-year performance, SEPZ leads with 11.30% vs 10.79% for OCTZ. On fees, OCTZ is cheaper at 0.79% per year. On volatility, OCTZ has been the lower-risk option at 3.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SEPZ has performed better with a 11.30% return vs 10.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OCTZ is cheaper with a 0.79% expense ratio, compared with 0.80% for SEPZ.
OCTZ has the higher dividend yield at 3.72%, compared with 2.05% for SEPZ.
SEPZ is categorized as Options Trading, while OCTZ is Defined Outcome. Their fees differ too: 0.80% for SEPZ and 0.79% for OCTZ.
OCTZ currently has the higher Sharpe Ratio (1.97 vs 1.91), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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